On 18 January, a Grant Agreement was signed for the technical support for the preparation of the legal framework of Islamic Finance in Azerbaijan. The agreement was signed between the Azerbaijani government and the Islamic Development Bank.
From the Azerbaijani side the document was signed by the Minister of Economy Shahin Mustafayev, and from the IDB - Vice President Saied Agha. The Ministry did not disclose the amount of the grant.
The parties came to an agreement on the analysis of the current situation in Azerbaijan in the banking sector, considering the use of Islamic banking, as well as the preparation of relevant proposals.
To date, the IDB has invested in Azerbaijan about 1 billion US dollars within 18 projects. Fourteen projects in agriculture, energy, transport, social services and water supply have been completed. Implementation of four projects continues. – 08B--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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